An AI market intelligence company came to its senses, relocating to a bigger office space in Hudson Yards.
AlphaSense is set to move from 24 Union Square East to 441 Ninth Avenue, otherwise known as Hudson Commons, the New York Business Journal reported. The company is leasing 50,000 square feet for 10 years at Hudson Commons, a slight uptick from the 40,000 square feet it occupies on Union Square East.
“The expanded footprint and elevated, flexible design not only gives our on-site teams room to comfortably grow, but it reflects who we are as a company: a bold and modern force in shaping the future of work,” AlphaSense’s chief people officer said in a statement.
It’s unclear when AlphaSense plans to move into CommonWealth Partners’ 25-story, 700,000-square-foot property. The asking rent was not disclosed, though Hudson Yards is one of the city’s most expensive neighborhoods, commanding an average asking rent of $130.02 per square foot in the first quarter, according to Colliers. Other tenants at the building include financial data management platform Arcesium, talent recruiting company True and credit investment company Brevet Capital Management.
Savills’ Allyson Bowen and Erik Schmall represented the tenant in the lease, according to the Commercial Observer.
A joint venture between CommonWealth and California pension fund CalPERS purchased the building in late 2021 for $1.03 billion, the city’s biggest investment deal since 2019, when 30 Hudson Yards was sold to a Related Companies affiliate for $2.2 billion. They put up a combined $588 million for the purchase, the remainder coming from a $507 million CMBS loan.
Last month, tenants signed deals for 3.1 million square feet of office space in Manhattan, down about 7 percent from April, according to a Colliers report. Leasing volume was up 5 percent year over year, while the average asking rent fell by 1.2 percent — the biggest drop in three years — to roughly $73.50 per square foot.
— Holden Walter-Warner
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